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2 Stocks to Watch as the Fed Boosts Interest Rates Again

2 Stocks to Watch as the Fed Boosts Interest Rates Again

The stock market suffered a setback late Wednesday, with major market benchmarks falling in the last hour of trading after the Federal Reserve raised interest rates by a quarter percentage point. Declines for the Nasdaq Composite (NASDAQINDEX: ^IXIC), Dow Jones Industrial Average (DJINDICES: ^DJI), and S&P 500 (SNPINDEX: ^GSPC) were close to identical. Investors reacted negatively to the idea that rates might remain high longer than hoped, and comments from Treasury Secretary Janet Yellen that the Federal Deposit Insurance Corporation (FDIC) likely wouldn't boost the amount of assets protected by deposit insurance also seemed to raise fears about the health of the banking system.